Australia has totally forbidden the usage of crypto and credit cards for online gambling purposes to stem the losses incurred by investors. The government provides six months for gambling businesses to adapt to the new rules and share the information with its connected gamblers. A fine of $150,000 has been attached for non-compliance.
Over and above that, the ban involves credit cards connected with online wallets, as well as bitcoin and various more cryptocurrencies. With this, the rules about online gambling become similar to the ones applied on brick and mortar ones. Online lottery has been kept out of the gamut. In the opinion of the Chief Executive of Responsible Wagering Australia, Kai Cantwell, all gambling activities require the same regulations.
As per the minister for communications in Australia, Michelle Rowland, all of these measures protect the interests of the gamblers in Australia.
Gambling is one of the most sought-after recreational activities for Australians. What adds to the thrill is the possibility of earning a few extra bucks. With the passing of time, it has managed to grip more than 80% of adults. The gambling space is witnessing an unstoppable surge, with revenue collections increasing daily.
It was in 2022 when the gambling space began witnessing an exponential increase, with more and more of the adult population joining the fray. As per the Australian Institute of Health and Welfare (AIHW), gambling-related problems began to surface with increased regularity, compelling the Australian government to take adequate steps to stem its unfortunate growth. As per the data available, losses were incurred to a staggering $25 billion, pertaining to every gambling activity.This regulatory shift highlights the challenges faced by Australian betting sites in adapting to new compliance requirements.
